Oil Maintains Gains After Trump Returns to The White House

Oil prices rose in early trading Tuesday after US President Donald Trump returned to the White House from the hospital after being admitted to receive treatment for the Corona virus last Friday, while another hurricane swept through the Gulf of Mexico in the United States.

Prices fell sharply last Friday when Trump was hospitalized, then jumped by more than 5% on Monday after he said he would return to the White House and with growing hopes that an agreement could be reached.
An American economic stimulus package to counter the impact of the Coronavirus pandemic.

U.S. West Texas Intermediate crude futures rose 2 cents to $ 39.24 a barrel.

Brent crude futures also rose eight cents, or 0.2 percent, to $ 41.37 a barrel.

Also helped support prices, the expanded strike of workers in Norway, which closed six offshore oil and gas fields, and the evacuation of oil platforms in the US Gulf of Mexico before tropical storm Delta, which turned into a Hurricane, heading towards Louisiana and Florida.

The Norwegian Oil and Gas Union said the strike would reduce the country’s total production capacity by just over 330,000 barrels of oil equivalent per day, or about eight percent of the Total production.

Meanwhile, hopes have increased for a bipartisan agreement in the United States on an economic relief package, as House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin spoke.